Ian Cowie was named Consumer Affairs Journalist of the Year in the
London Press Club Awards 2012. He has been head of personal finance at
Telegraph Media Group since 2008, having been personal finance editor
since 1989. He joined the paper in 1986. He is @iancowie on Twitter.

First-time buyers are “sleepwalking into property problems” according to an outspoken analysis by HSBC’s head of mortgages, Peter Dockar.

He reckons many are “naive” and keener to buy in a trendy area than to ensure their investment is structurally sound. Mr Dockar said: “It is important that first- time buyers consider more than just their immediate desires when looking for their first home, as otherwise they could well be in for a financial headache further down the line.

“While in the excitement of searching for their first property they may not like to think about the required maintenance or, the condition of items such as the boiler, these will be a concern if it is something that they
have to pay to fix at a later date.”

Similarly, only 6pc of first-time buyers took the cost of updating a property into account when assessing a fair house price or what to pay for a flat, also just a third of the estate agents who identified this as an important factor. Presumably, the bank sides with the surveyors on both points.

Other mismatches include only 11pc of first-time buyers taking account of whether there is any documentaion for property alterations (that knocked-through living room could turn into a two-storey high atrium if the wrong joists were used) whereas 33pc of professionals insist on seeing the paperwork.

Mr Dockar warned: “Buying a home is a serious financial commitment, so it is important that first-time buyers do their homework and are aware of all of the potential costs involved to ensure they can maintain the value of what is, after all, likely to be their biggest asset.”

But the HSBC survey does not address perhaps the biggest problem into which first-time buyers might be sleepwalking. The risk that various incentives to buy now could prove a recipe for negative equity.